Private prison operator CoreCivic (NYSE:CXW) will be reporting results this Wednesday afternoon. Here’s what to look for.
CoreCivic beat analysts’ revenue expectations last quarter, reporting revenues of $684.9 million, up 27.3% year on year. It was an exceptional quarter for the company, with a narrow beat of analysts’ full-year EPS guidance estimates.
Is CoreCivic a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting CoreCivic’s revenue to grow 21.6% year on year, improving from the 18.1% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. CoreCivic has a history of exceeding Wall Street’s expectations.
Looking at CoreCivic’s peers in the business services & supplies segment, some have already reported their Q3 results, giving us a hint as to what we can expect. MSA Safety delivered year-on-year revenue growth of 14.5%, beating analysts’ expectations by 0.7%, and UniFirst reported revenues up 5%, topping estimates by 1.7%. UniFirst traded up 4.6% following the results.
Read our full analysis of MSA Safety’s results here and UniFirst’s results here.
Investors in the business services & supplies segment have had steady hands going into earnings, with share prices up 1.7% on average over the last month. CoreCivic is down 10.2% during the same time and is heading into earnings with an average analyst price target of $41.80 (compared to the current share price of $30.30).
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